Tuesday, November 27, 2012

Warehouse Bidder Fails to Close...Structure Likely to Head Back to Auction

With today's passing of a deadline to close on the purchase of the former Fort Drum Storage warehouse on West Main Street, City Council will have to decide the building's fate and that likely will be a second auction sometime over the winter.

Meanwhile the 10% down payment paid by Ruby Williams at the time of the original auction is forfeited..That's $12,500.
When property is seized for overdue taxes as this one was, an auction is held and the high bidder puts 10% down and must close within 30 days. That didn't happen despite a ten day extension.
The circumstances around this property were unusual, but sticking with the auction process is best. In the first auction the numbers got run up in a bidding frenzy and a competing bidder told me in a second go around he doesn't see bidding it up that high...Let's find out.

Hmm, I can’t imagine why someone would forfeit a $12,500 deposit. Unless, of course, a certain party realized the “jig” is finally up and decided to hightail it out of Dodge before the sheriff grabbed their crooked ass.